Mumbai : New system may allow ready reckoner rates to be revised

MUMBAI: After receiving complaints on discrepancies in the ready reckoner rates in Mumbai and other parts of the state, the government on Wednesday said it would review the system to determine real estate prices, and also introduce an option of revising them after they are published.

Homebuyers had reacted strongly to the ready reckoner rates effective this year saying they had several discrepancies.

Some complained that the rates in some areas were higher than the market price.

For instance, shanties in Mahalaxmi attracted higher rates as compared to some highrises in the area.

Balasaheb Thorat, state revenue minister, said the system would be made transparent and scientific.

“Eighteen years after framing the rules, it’s now time to revisit them,” he told HT.

The new system will be applicable from next year.

The state revenue department has come across several cases of arbitrary and unjust rates of the ready reckoners in the state.

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